EX-12.1 5 exhibit121-03312018.htm EXHIBIT 12.1
EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges

|  | For the three months ended March 31, |  | For the twelve months ended December 31,
|  | 2018 |  | 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013
|  |  |  | (Dollars in millions)
Pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees |  | $ | 119.6 |  |  | $ | 733.9 |  |  | $ | 720.6 |  |  | $ | 631.7 |  |  | $ | 566.1 |  |  | $ | 523.5 |
Add: Fixed charges (from below) |  | 27.7 |  |  | 106.1 |  |  | 103.9 |  |  | 72.7 |  |  | 76.6 |  |  | 78.6 |
Add: Amortization of capitalized interest |  | 0.3 |  |  | 2.1 |  |  | 0.8 |  |  | 0.5 |  |  | 0.4 |  |  | 0.4 |
Add: Distributed income of equity investee |  | 0.7 |  |  | 15.0 |  |  | 6.2 |  |  | 7.0 |  |  | 7.7 |  |  | 4.0 |
Subtract: Capitalized interest expense |  | 0.6 |  |  | 1.8 |  |  | 2.1 |  |  | 0.8 |  |  | 0.5 |  |  | 0.3 |
Total earnings |  | $ | 147.7 |  |  | $ | 855.3 |  |  | $ | 829.4 |  |  | $ | 711.1 |  |  | $ | 650.3 |  |  | $ | 606.2 |
Interest expense (including amortization of debt issuance costs, debt discounts and premiums) |  | $ | 23.9 |  |  | $ | 92.8 |  |  | $ | 92.1 |  |  | $ | 63.8 |  |  | $ | 68.6 |  |  | $ | 70.2 |
Capitalized interest expense |  | 0.6 |  |  | 1.8 |  |  | 2.1 |  |  | 0.8 |  |  | 0.5 |  |  | 0.3 |
Portion of rentals representing interest |  | 3.2 |  |  | 11.5 |  |  | 9.7 |  |  | 8.1 |  |  | 7.5 |  |  | 8.1 |
Total fixed charges |  | $ | 27.7 |  |  | $ | 106.1 |  |  | $ | 103.9 |  |  | $ | 72.7 |  |  | $ | 76.6 |  |  | $ | 78.6 |
Ratio of earnings to fixed charges |  | 5.3x |  |  | 8.1x |  |  | 8.0x |  |  | 9.8x |  |  | 8.5x |  |  | 7.7x |